Money Market vs Savings Calculator | WikiBudget

💰 Money Market vs High-Yield Savings

Compare after-tax returns, insurance coverage, and account access between Money Market Accounts (MMA) and High-Yield Savings Accounts (HYSA) to find your optimal cash home.

📊 Tiered Rates 🏦 Brokerage Sweep 💵 After-Tax Yield

📊 Account Comparison Inputs

$
Total cash you plan to keep in either the MMA or HYSA
Years
How long you expect to hold this cash (on average)
Money Market Account (MMA)
%
%
$
Balance needed for tier rate
High-Yield Savings Account (HYSA)
%
Tax Settings
%
Your federal tax bracket (10%, 12%, 22%, 24%, 32%, 35%, 37%)
State tax rates loaded from database
Federal + State marginal rate (for interest taxation)

📚 MMA vs HYSA: Key Differences

What's a Money Market Account (MMA)?

A Money Market Account is a deposit account that typically offers higher interest rates than traditional savings while providing limited check-writing and debit card access. MMAs often have tiered rates where higher balances earn more.

What's a High-Yield Savings Account (HYSA)?

A High-Yield Savings Account is an online savings account offering competitive APYs, usually from online-only banks with lower overhead. HYSAs prioritize pure savings with fewer transaction features but strong rates.

Key Differences:

  • Access: MMAs often offer checks/debit cards; HYSAs are ACH-only
  • Rates: Both competitive, but MMAs may have tiers
  • Minimums: MMAs often require higher minimums ($1,000-$10,000+)
  • Transactions: Both limited to 6/month for certain withdrawals
  • Insurance: Both FDIC/NCUA insured up to $250,000

When to Choose MMA:

  • You want check-writing capability
  • You have a high balance to unlock tier rates
  • You need debit card access
  • You prefer in-person banking

When to Choose HYSA:

  • You want the highest APY with no tiers
  • You're comfortable with online-only banking
  • You don't need check/debit access
  • You want "set it and forget it" savings